Remortgage possible? self employed previous self cert

stargazer34_2

Hi all
New to forum was just after a bit of advice if anyone had experience of remortgaging following self cert mortgage and chances of getting another mortgage.
Me and my husband have owned 3 properties we ported our mortgage to our current property 7 1/2 years ago on a self cert mortgage with Santander (then the Abbey). We self cert as my husband was and still is self employed.
we've never missed a payment but when recession hit we had to transfer to interest only and its stayed that way last 5 years. Last year we did pay about £3500 off extra and now fixed rate due to end 2 feb I'm wondering if any point trying to get remortgage deal with new bank or if no chance and should just get new fixed rate Santander and change back repayment.
our current mortgage balance is £103k with property value £195k. Our earnings however still aren't back to as much as they were before recession. Currently my husband work picked up but still only gross earnings approx £12k and mine £8k we do also get tax credits not sure I f take that as income and we also have £10k credit card debt (we've reduced these by £10k last couple years.
IDd appreciate any advice given

chanz4

I think you may fail affordability

amnblog

You won't get a remortgage if you cannot prove sufficient income.

If your income flow is scratchy you should consider if you can be sure to regularly make the payments if your mortgage is switched to a repayment basis. The switch will commit you to paying back a portion of capital every month, whether you have the income or not.

You may be better to stay as you are and simply overpay each time you have built up some funds to do so.

Wh05apk

Abbey have never done self cert mortgages, what you had was a "dodgy" fast track mortgage, where you or your broker just hoped the income proof was not asked for.


Sadly I think your options are limited, I doubt if you could remortgage away, and I doubt if Abbey will offer you a lower deal whilst on interest only, but you should ask.